Tag Archives: trade

After years of crippling debt, Bangladeshi villager Rawshan Ara decided to follow in her family’s footsteps – and sell a kidney on the black market to raise cash. Like many of her neighbours in poor farming areas of the country, the 28-year-old easily found a local broker and quickly became …

The leaders of India and Germany pledged on Monday to revive efforts to reach an Indo-European free trade pact after talks fell apart this year, and struck deals to promote clean energy and make it easier to do business.

Although Chancellor Angela Merkel and Prime Minister Narendra Modi made no mention in conversations with journalists of resuming talks on a free trade agreement between India and the European Union, it was perhaps the most significant "deliverable" of her trip to New Delhi.

The leaders "committed themselves to bringing about the earliest possible resumption of talks", said a joint statement issued after their three-hour talks.

Asia's third-largest economy has been relatively insulated from a slump in global trade, but Modi still needs to boost exports for his pitch to investors to "Make in India" to create skilled jobs for millions of young Indians.

Germany, Europe's largest economy, is looking to expand its presence in India to compensate for a slowdown in China.

Merkel's delegation was joined by bosses from household names like Siemens, Airbus, E.ON and Thyssenkrupp.

The trade talks have been on ice since earlier this year when India walked out in a row over exports of generic drugs to the European Union.

Germany, a world leader in renewable energy, will also provide more than 2 billion euros (£1.6 billion) in aid for solar projects and green energy corridors - or high-efficiency power grids - as part of a broader push for sustainable development.

The assistance, part of a raft of agreements signed in New Delhi, dovetails with efforts to bind India into a global debate that will culminate in the COP21 climate change summit in December.

"We look forward to a concrete outcome at COP21 in Paris that strengthens the commitment and the ability of the world, especially of poor and vulnerable countries, to transition to a more sustainable growth path," Modi told reporters.

India, the world's third-largest emitter of greenhouse gases, was the last major country to submit its energy strategy ahead of the U.N. climate conference.

Responding, Merkel said: "We have understood, Prime Minister, that climate protection needs to be embraced by the people - who also have to reap a benefit."

India and Germany also signed an agreement to fast-track business approvals, providing German firms with a single point of contact to help them navigate a web of red tape that often thwarts initiative.

Last year, Indian pharmaceutical major Cipla announced a £100m investment into the UK aimed at the launch of a range of drugs in the areas of respiratory, oncology and antiretroviral sectors. Dr Reddy’s Laboratories bought a contract development and manufacturing site in Yorkshire around a decade ago, with the company …

Senior officials from India’s opposition Congress party this weekend questioned the authenticity of the thousands of expats who have flocked to catch a glimpse of Prime Minister Narendra Modi in Australia.

However, the newly-elected premier has built a reputation for being unperturbed about questions surrounding his popularity, particularly among Non-Resident Indians.

Mr Modi was greeted by yet another mammoth crowd at a sports stadium in Sydney on Monday, with many of the supporters traveling hundreds of miles on a train named the ‘Modi Express’, frantically cheering the Indian leader.

"I know that behind this affection lie expectations," Modi told the excited crowd. "We want to create the India you are dreaming of."

Modi's appearance at the 21,000-seat Allphones Arena, which hosted the Rolling Stones last week, underscored the rock star status he enjoys among some Indians abroad.

He promised lifetime visas to people of Indian origin, repeating an offer he made to expatriates in the United States that would seek to strengthen cultural and business ties between overseas Indians and their home country.

One audience member told Reuters that many found Mr Modi “very inspiring” and “made a lot of sense”.

About 300,000 Indians live in Australia, but trade between the two countries stands at around $15 billion a year, or just a tenth of that between Australia and China.

Modi urged overseas Indians to boost investment at home, reprising an appeal made elsewhere, including the United States, where he sold out New York's Madison Square Garden in September.

He took office in May vowing to create jobs and ignite the Indian economy after years of sluggish growth, launching signature initiatives such as 'Make in India' and 'Clean India'.

Modi often reminds voters of his humble roots as the son of a railway-station tea vendor, in contrast to the privileged circumstances of the Nehru-Gandhi dynasty that has dominated Indian politics since independence from Britain in 1947.

Australia is emerging as a key source of thermal coal for India's growing number of electricity users, as they give up older fuels such as wood and kerosene.

Indian trade and infrastructure conglomerate Adani Enterprises has signed a pact for a loan of up to $1 billion from the State Bank of India for a $6 billion Australian coal mine, rail and port project.

Another Indian conglomerate, GVK, and Australian billionaire Gina Rinehart, have won an environmental permit for a second coal mine in Australia, costing $10 billion.

But Modi still has some way to go in winning over potential investors.

"He is expecting people to contribute," said Santosh Kashid, who migrated to Sydney 10 years ago.

"However, unless you make India a place to live and work it won't be possible to attract people back home."

When Afsar Miae left his home near Teknaf in southern Bangladesh to look for work last month, he told his mother, “I’ll see you soon.” He said he expected to return that evening. He never did. When he reported for work at a house on the outskirts of Teknaf, a …

One of the world’s biggest and most controversial commodities trading companies is to open an online market place in India in a bid to cater to the country’s millions of small time manufacturers and traders in aluminium, copper and other metals. Switzerland-based Trafigura said it had been drawn in by …

Trade relations between the European Union and India seem to be descending into petty bureaucratic wrangling despite public proclamations about the importance of the relationship between the EU and one of the world’s biggest economies. Earlier this year the EU banned Alphonso Mango imports from India citing the presence of …

The British minister charged with developing trade with India has hailed the “thriving” investment relationship between the two countries. Addressing a packed gathering of peers, business leaders, diplomats and members of the Indian Diaspora in the UK at the Grosvenor House Hotel in London on Tuesday, Gregory Barker MP, the …

The United States has suspended tax-free trade privileges granted to Bangladesh over concerns about working conditions in the country’s garment industry. The decision follows the collapse of a factory complex in the Bangladeshi capital Dhaka in April, which left more than 1100 people dead. The order by Washington suspends the …

Apprentice star Zeeshaan Shah has denied allegations of sexism levelled against him by fellow contestants. Shah was booted off the show after his team lost their latest task in Dubai with Lord Sugar lambasting Shah for being a “know-it-all”. Soon after, team members Natalie Panayi and Leah Totton accused the …